Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) shares jumped more than 13% as investors welcomed an update from the oil and natural gas producer on the flow rates and well perforations at the SASB gas field located in the Black Sea offshore Turkey.
The company said at South Akcakoca-2, well head pressure has stabilized at 371 psi and it was recently producing 1.94 million cubic feet per day (MMcf/d) using a 42/62” choke.
At Guluc-2, the company reported that the initial flow was directed to the platform vent line using a 64/64” choke, resulting in a wellhead pressure (WHP) of approximately 350 psi. The well was then shut in, and within 40 minutes, the WHP increased to 1200 psi.
Currently, Guluc-2 is producing at 3.35 MMcf/d with a WHP of 484 psi using a 32/64” choke, according to Trillion Energy.
At West Akcakoca-1, only two of the five zones scheduled for perforation have been completed so far, as the company waits for a replacement tool expected to arrive on Thursday.
The two perforated zones encompass 5 meters of gas pay, where the wellhead pressure (WHP) increased from 1150 psi to 1350 psi.
Three additional gas zones, totaling 4 meters, are expected to be perforated. Following this, the well will be tested and flowed. Based on the initial WHP increase, Trillion Energy anticipates favorable results.
Meanwhile, Akcakoca-3 was perforated over 11 metres of gas pay with no observable WHP increase, which the company believes is most likely due to water loading, currently at 315 metres depth.
This well is expected to come back on at about 2 MMcf/d following the installation of a velocity string (2 3/8 production tubing).
Following the update, shares of Trillion Energy traded up 13.2% at US$0.12 on Wednesday morning.